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CEAC Files for Arbitration Against Government of Montenegro

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The Russian Legal Information Agency (RLIA) has reported that the Central European Aluminum Company (CEAC) has filed a request for arbitration proceedings with the government of Montenegro seeking over EUR 600 million in compensation for losses.

CEAC, a subsidiary of Russian billionaire Oleg Deripaska’s En+, is one of the largest shareholders and creditors of the Kombinat Aluminijuma Podgorica (KAP) aluminum plant. According to the RLIA, CEAC claims that Montenegro’s government interfered with the investment process, causing major damages to the company and the subsequent loss of investment. CEAC also claims that Montenegro breached the agreement on mutual encouragement and protection of investment signed between Cyprus and the State Union of Serbia and Montenegro (which was dissolved in 2006). 

 

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